BOSTON, Feb. 12 /PRNewswire/ -- ITT Sheraton Corporation, a wholly owned subsidiary of ITT Corporation
(NYSE: ITT), today announced that, effective immediately, the former 257- room Luxury Collection Hotel Aspen
is renamed The St. Regis Aspen, marking the first time that the name The St. Regis has been awarded to any hotel other than the original, legendary hotel owned by ITT Sheraton, New York's The St. Regis. The original St. Regis,  a Beaux Arts classic built by John Jacob Astor in 1904, has received widespread recognition as one of the finest
hotels in the world.

"The name The St. Regis is a world-renowned, integral part of our history, the flagship of The Luxury Collection
and a landmark in New York, delivering to its distinguished clientele a benchmark of personalized service and unending attention to detail, while achieving accolades from its guests, resulting in significant excellent ratings from industry services and publications," said Dan Weadock, President and Chief Executive Officer, ITT Sheraton Corporation. "We are pleased to make history again by sharing The St. Regis name for the first time ever, placing it on this elegant resort in Aspen," he said.

"The St. Regis Aspen delivers a signature experience to its clientele, as The St. Regis in New York does to its, and both hotels are highly lauded by their respective guests," he added. "The hotels have parallel appeal. The lure to Aspen for superb winter skiing, summer sports and the arts is as appealing as the year-round excitement and entertainment of New York." The St. Regis Aspen was rated the "Best Resort Hotel in North America" in the 1997 Conde Nast Traveler magazine Readers Choice awards poll.

Mr. Weadock said that the superior guest experience, which has made The St. Regis in New York highly
decorated with awards and honored with guests who return frequently, should be expected and will be
delivered in Aspen at the namesake hotel.

The St. Regis Aspen, situated at the base of Aspen Mountain, includes 28 suites, each with views of Aspen Mountain, Red Mountain and historic Aspen. Recreational facilities include a heated outdoor swimming pool with sundeck and whirlpool, fitness center with whirlpool, steam, sauna and massage.